Italy's refinery capacity is currently between 20% and 25% more than is needed as demand remains weak, said the head of the country's oil association, Unione Petrolifera, Monday.
Italy
's
refinery capacity is currently between 20% and 25% more than is needed as
demand remains weak, said the head of the country's oil association, Unione
Petrolifera, Monday.
"Today's situation is much worse [than the past]" as consumption
stagnates and "forecasts aren't encouraging," said Pasquale De Vita,
chairman of the association, at the shareholders' annual meeting in
Rome
.
"There's the risk that the crisis in the sector may lead to the closure of
some refineries but that doesn't include us," said Chief Executive Massimo
Moratti of Saras SpA (SRS.MI).
Italy's service station network needs to shut about 33% of the pumps to reduce
them to between 15,000 and 18,000, and to make it "adequate" for the
country's needs and lower prices for drivers thanks to efficiencies, Mr. De
Vita also said.
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